Probate Lawyer Bloomington IL – Queen Law Firm – For a Consultation Call 309-245-8080
Probate is a type of court case. Generally, it’s when the court supervises an executor or administrator while they distribute the assets of a deceased person. The person’s estate may distribute assets to beneficiaries or to creditors. A will usually names who shall oversee the person’s estate.
When there is no will, the legal system refers to this person as an administrator. The goal of the probate process is to clarify who receives specific assets and to ensure payment of debts.
In the state of Illinois, probate isn’t necessary in every case. It is generally needed if the deceased individual:
-Had assets external to a payable on death account totaling more than $100,000.
-Owns real estate that isn’t jointly held with another party who holds right of survivorship.
When neither of these apply, then the decreased person’s estate may proceed with distribution with no need for probate.
Consult with a Probate Lawyer Bloomington IL – 309-245-8080
The Probate Lawyer Bloomington IL process should start shortly after a person’s death either by a relative or by the executor. This is done by filing a petition and relevant paperwork in an appropriate circuit court. The goal of the process is to transfer any existing titles into the name of the will’s beneficiary. If there is not a will, state law applies.
Another goal of probate is preventing fraud and to inform creditors and possible heirs of the individual’s death. This process is necessary regardless if the deceased did or did not have a will. If there is a will, probate serves to validate it. When there’s not a will, Probate Lawyer Bloomington IL is useful for determining the heirs. A revocable living trust is an estate planning device comparable to a will and renders the probate process unnecessary.
Based upon an estate’s complexities, probate can finish easily or it might take some time. In some cases an heir or a creditor disagrees with distribution of the assets. Or, they may believe that the will was signed under improper circumstances. If so, it can result in litigation that prolongs the Probate Lawyer Bloomington IL process. In the state of Illinois, the cost of probate comes from court, legal, administrator and other fees.
Some Alternatives to the Probate Process in the State of Illinois
Illinois applies the Small Estate Affidavit to properties that aren’t subject to the probate process. It is simply a form in which the estate’s administrator testifies that probate isn’t necessary. When the administrator fills out the affidavit form, he or she presents it to financial institutions to disperse an estate valued at less than $100,000 without entering probate.
Smaller estates may disperse through the affidavit and don’t require a lawyer typically. But there are valid reasons why a will’s executor would benefit from the services of an Elgin Probate Lawyer.
Free Consultation with a Probate Lawyer Bloomington at 309-245-8080
The rules of probate can be tough to understand. Even small estates are often subject to rules similar to standard probate procedures. Additionally, an executor is responsible for any errors made in distribution of the property or in payment of debts. An executor may be sued if errors occur during the distribution process or if a beneficiary receives an incorrect distribution. To prevent that and to ensure the executor of the will has a clear understanding of their role, a Probate Lawyer Bloomington ILcan be very helpful even for smaller estates.
An executor is not required to hire a lawyer for cases involving probate. However, regardless of an estate’s assets, an executor and the estate can still benefit from experienced legal representation. A Probate Lawyer Bloomington IL may assist in securing a surety bond.
These serve to protect the heirs against errors that might occur during distribution of property. Obtaining a surety bond can get difficult without a Probate Lawyer Bloomington IL. This is because errors tend to be more likely and the bond companies may, consequently, charge a higher fee. Still, the executor can be held liable for mistakes. Because of the complexity and time a probate procedure may require, errors may happen.
To prevent being the subject of a lawsuit and to have a legal professional manage heirs and the probate process, a lawyer who specializes in the probate process can offer valuable help.
Probate Deadlines
There are multiple relevant deadlines that beneficiaries and executors ought to be aware of to help preserve their legal rights. In the state of Illinois, probate is a legal procedure supervised by the court that serves to certify a deceased person’s estate is valued at over a particular amount. The system provides interested people an opportunity to express their concerns, distribute assets and to pay off taxes and debts. The executor of the will oversees the probate process. He or she is responsible for validating the deceased’s will. In addition, they identify and appraise assets, pay taxes and debts and distribute property as the will instructs.
Probate can often take around one year to conclude. However, if surviving relatives or other parties contest the terms of the will, it may take longer. It’s very helpful to meet with a Probate Lawyer Bloomington IL. After doing so, it’s important to identify property that you want to preserve, requires care or may be perishable. This could include agricultural products like livestock and crops or valuable collections such as wine or works of art.
Queen Law Firm – Estate Planning – Schedule a Consultation at 309-245-8080
Estate planning is among the services we offer our clients. It entails the drafting of legal documents that relate to an individual’s property and is usually done with the assistance of an experienced lawyer. There are multiple aspects to estate plans such as wills, trusts, healthcare directives, proxies and, naturally, the estate itself. A The Queen Law Firm can review what’s involved with estate planning instruments and recommend how you should proceed.
Probate Lawyer Bloomington IL
Estate planning mainly focuses on how assets and property shall be handled following a person’s death. It can also, however, concern how assets and properties are handled during that person’s lifetime too.
The foundation of most estate plans is the person’s will (also referred to as last will and testament). This is a document that states how someone wants his or her properties managed after they die. A testator is usually the person who creates and owns the will. A lawyer will listen to the testator’s wishes and draft their will accordingly.
A testator may choose to appoint another person to manage their property after their death. That individual is called the executor. This position is responsible for being in compliance with Illinois laws that govern probate and the distribution of property. The executor follows the will’s directions, pays creditors and distributes remaining property to the named beneficiaries. A testator may also choose to appoint someone as guardian to their minor children in their will.
In the event that a person dies without a will, Illinois law instructs how their property shall be handled and who shall inherit it. When a person does have a will but wants to change it, a lawyer can do that by drafting what’s known as a codicil to the will, which changes the will’s terms without the need be rewritten completely.